HomeBuy is a programme that helps people who wish to buy a property but cannot afford to. Most of the people eligible are either public sector key workers, or people in other priority groups, for example council or housing association tenants.
Most people who apply for HomeBuy are first time buyers, but the programme can also help you if you need to buy a property in situations where your household has outgrown existing arrangements or where you need to buy a property because of a relationship breakdown.
Epping Forest is pleased to be working in partnership with Moat, a leading housing association, to offer HomeBuy to people in our local authority area. Moat is the government’s appointed HomeBuy Agent in Kent, Sussex and Essex. Anyone interested in applying for HomeBuy should contact Moat by visiting www.homebuy.co.uk or calling 07002 662846. This web site provides comprehensive information about HomeBuy and offers the facility to apply online. Moat works with other housing associations to match applications to the best available housing solution.
Open Market HomeBuy offers an equity loan so that you purchase 75% of the equity in a property of your choice from the open market, subject to certain criteria. The remaining 25% is funded in two parts – 12.5% through the mortgage lender, and 12.5% through Moat. There is no interest to pay on Moat’s 12.5%. A charge on the lender’s 12.5% may apply after an initial five year period.
Funding for Open Market HomeBuy grants is limited and subject to eligibility criteria. It will be allocated to people who qualify on a first-come-first-served basis.
New Build HomeBuy offers new homes on a part buy/part rent basis where you purchase a share in the property and pay a discounted rent to the housing association on the remaining share. Epping Forest works with a number of housing associations to develop new affordable homes across the district.
Resales – where existing shared owners wish to sell their properties, they are marketed and sold to people who have applied to Moat.
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